British Land Secures 145,000 sq ft Pre-Let to Debenhams at Regent’s Place.
British Land announces that it has agreed terms to pre-let 145,000 sq ft of office space to Debenhams plc for a new headquarters at 10 Brock Street, Regent’s Place, NW1; a new office building which is being developed as part of British Land’s 500,000 sq ft mixed-use development at the North East Quadrant (NEQ). Work started on site a year ago in October 2010.
The NEQ development, which will complete our Regent’s Place estate, will comprise 340,000 sq ft of offices along with 40,000 sq ft of retail and community space, as well as 120,000 sq ft of residential accommodation. 10 Brock Street has been designed by Wilkinson Eyre, and Debenhams will be occupying approximately 40% of the building. The residential accommodation has been designed by Stephen Marshall Architects and 70% of the luxury apartments have already been successfully pre-sold.
On completion of the development in summer 2013, Debenhams will occupy the ground to fourth floors of 10 Brock Street for a term of 25 years without break.
Debenhams is the latest of a diverse range of major occupiers to select Regent’s Place for their main UK headquarters following recent lettings to Aegis Group, Gazprom, Lend Lease, Ricoh, and Dimensional Fund Advisors. The development will complete the Regent’s Place estate, which will have doubled in size over the last four years to around 2 million sq ft of office, retail and residential space, providing high quality accommodation for 14,000 workers and residents.
Tim Roberts, Head of Offices at British Land said, “It is particularly pleasing to welcome to Regent’s Place a major UK corporate such as Debenhams, with whom we already enjoy a strong relationship. Today’s announcement is a further endorsement of the quality and attractiveness of our 2.2 million sq ft office development programme to major occupiers. The letting secures long-term income on the lower floors underpinning investment value, leaving the opportunity to attract premium rents on the higher floors closer to the building’s completion date.”
Michael Sharp, Chief Executive of Debenhams plc said, “We are delighted to have secured space at Regent’s Place for our new headquarters. The estate is well positioned in the West End with great communication links across London. It also provides outstanding amenities and sense of community for its occupants. We look forward to working with British Land and moving into the new offices in 2013.”